Great article from msn.com, The Five Rules for Real Estate. I would recommend these tips to buyers and sellers looking to get into the real estate market. These are some common sense rules that often get overlooked.
1. Don’t make an offer without pre-approval
Getting pre-approved means a lender has vetted your credit and financials and is so far willing to continue the mortgage dance. Pre-approval letters detail your purchasing power and provide sellers and real estate agents a degree of confidence they won’t get anywhere else.
2. Use a real estate agent
For many consumers, buying a home is the single biggest purchase they’ll ever make. It’s something you’ll do maybe a handful of times. It can pay to have an expert in your corner.
3. Put down earnest money
It’s customary, if not legally required, to provide a deposit when you make an offer on a home. Known as earnest money, this deposit is typically 1-2% of the purchase price, although the amount can vary by location and other factors.
4. Sell yourself
Don’t just submit a solid offer and cross your fingers if you’re shopping in a competitive real estate market. Take every opportunity you get to tell your story and sell yourself.
5. Tour homes in person
Mobile video technologies like Google Glass are ushering in a new era for home tours. Cool tech and new apps can be a huge help for consumers moving to new states or service members purchasing homes during a deployment.